Active · Residential Income

30853 14th Avenue S, Federal Way, WA 98003

Federal Way, WA 98003

$2,725,000

— bedrooms · — bathrooms · 0 sq ft

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Listing provided by Westlake Associates, Inc. · MLS #2566450 · Active

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About this property

The Lake Apartments is a well-maintained 16-unit garden-style multifamily community at 30853 14th Ave S in Federal Way, offered at an attractive $170,313 per unit. The property delivers a 6.06% in-place CAP rate with clear upside to a 7.41% proforma CAP through raising current below-market rents. Built in 1958 with a new roof installed in 2022, the asset sits on a large 31,050 sq. ft. park-like lot and features on-site laundry, ample private parking, and a balanced mix of one- and two-bedroom units. Located just off Pacific Highway and within approximately one mile of the Federal Way Downtown Link Light Rail Station, the property is also close to Steel Lake and Easter Lake, offering convenient access to recreational amenities. It benefits from strong transit access, high submarket occupancy (96.5%), limited new supply of apartments, and proximity to major employment centers including Sea-Tac Airport and the rapidly growing Kent Valley aerospace and logistics corridor.

Property details

Property type: Multi Family
Year built: 1958
Lot size: 31,050 sq ft
Association dues: $0 · frequency not provided
Annual property tax: $26,635 (2026)
Parking spaces: 20
School district: Federal Way

Listings courtesy of Northwest MLS as distributed by MLS GRID.

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